Pixiq

Eastman Kodak has announced that it has applied for Chapter 11 bankruptcy protection in the USA, in a move that will give the struggling 133-year old company more time to complete its reorganisation without having to face creditors, while maintaining supplies of its products to customers.

In a press release issued today the company states,  "[Kodak] believes that it has sufficient liquidity to operate its business during chapter 11, and to continue the flow of goods and services to its customers in the ordinary course," 

The press release goes on to state that the company expects to complete its U.S. -based restructuring during 2013.

More information and the full press release can be viewed here:

While Kodak appears to be facing its demise, FujiFilm has gone from strength to strength. In a recent article, "The Last Kodak moment?", The Economist compares and contrasts how the two companies have fared in recent times.